Law Firms Bookkeeping

Bookkeeping for Law Firms.

Full service, industry specific bookkeeping made simple.

We understand law offices have unique bookkeeping needs and record keeping requirements that are put forward by the Bar Association and other regulating authorities. Let us help you and your practice succeed.

Independently employed attorneys and small law offices have unique Law Firm Bookkeeping needs and record keeping requirements that are put forward by the Bar Association and other regulating authorities. Standard rules and common practice dictate that attorneys must use client trust accounts to hold attorney fees received in advance for services that will be rendered at a later date. These funds have to stay in the lawyers’ trust accounts until they are earned and therefore are no longer the property of the client. Attorneys can also hold client funds received from settlements as a settlement check is often payable jointly to the attorney and to the client. This scenario also requires the use of holding accounts. The type of accounts attorneys have to maintain depends on the amount to be held and how long the attorney anticipates holding the funds.

From a bookkeeping standpoint, this concept is easy to follow for an industry-specialized expert, but not for somebody who lacks experience with this specific niche. Small law firms don’t have the need to hire an in-house bookkeeper but in order to stay in compliance with the rules and regulations, best practice is to leave the books to a specialized Law Firm bookkeeper who understands the unique challenges attorneys face much better than a general bookkeeper could. Due to the shift to cloud-based accounting software, quality bookkeeping is just a click away.
Attorneys have enough on their minds and should be relieved from the stress of keeping their books and dealing with the challenges of trust account bookkeeping.
Outsourcing your bookkeeping to a virtual Law Firm Bookkeeper is a cost-effective solution that will get you an expert for a fraction of the price it costs to keep a part or full time bookkeeper.

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The Importance of Hiring a Law Firm Bookkeeper

Bookkeeping services are one of the fast rising industries of today because more and more companies are seeing the benefits that it brings. Bookkeeping is a very aspect for any law firm be it small or large firms. What makes bookkeeping important would leave us with a long list that would make any law firm owner who doesn't have a bookkeeper think twice. We are going to point out the importance of law-firms hiring a reliable and Professional Law Firm Bookkeeper, who will provide law-firm owners with high quality records of their law firms' financial situations.

A Lawyer bookkeeper is a company or an individual who keeps records of all the financial transactions that take place in a company or an institution. A bookkeeper will keep records of what the company/institution buys, sells, the debs and debtors and what the company/institution owns. Expert Attorney Bookkeepers also take care of all the financial transactions, invoices, payments etc. and ensuring they reconcile with the bank records. Basically, book keepers are in charge of all aspects of finance in your company.

Bookkeeping for Lawyers plays a big role when it comes to the industry of accounting and finance. In the present day, there is a tough competition in the corporate world and in order for any business to stay in good shape, effective and practical techniques must be applied for it to endure an unpredictable global economy. For those who own law-firms, one of the things that they mostly worry about is the cost needed to help run the operation. After all, we need money to make money, therefore, ensuring that every department of the law firm has the resources and equipment they need to keep it running. The accounting department is one of the most crucial branches in any law firm. But nowadays, law firm business owners are looking for ways to increase their productivity and profit but at the same time cut down on operation costs. But with the rise of outsourcing services, even bookkeeping has been given the chance to withstand the challenges of most businesses.

One of the things that make Law Firm Bookkeeping services very important for a law firm is its task on recording and updating accounting books and records. Having an organized book record is important for any law firm owner because this serves as the very proof that a business is running and these records will speak for themselves. This is because it is the reflection of whether a business is making a profit or not. Based on these records, a law firm owner will be able to easily check the status of his or her company and see if it is making it to the good profit or margin or if it’s going down the drain of being bankrupt. The book records will also serve as a basis for decision making if the law firm is ready to expand or not, and other future plans that can determine if the business will make it.

Furthermore, hiring an outsourced bookkeeping service is flexible and cost-effective making it easy for law firm owners to manage their resources thereby allowing them to concentrate more on parts of the law firm that will allow them to generate more income at the same time save money. Giving outsource bookkeeping means lesser cost on employees because you no longer have to worry about training and hiring and spending money to buy for facilities.

Also don't forget that your Best Lawyer Bookkeeper has a profound understanding of all sorts of private information of your business, so it is extremely important that you establish a solid relationship of trust. Make sure that you have the feeling of good connection with your bookkeeper after the first meeting. It is recommended to meet up with your bookkeeper several times before you engage yourself with him/her, so that you can discover exactly how you feel towards him/her, and if you can trust him/her completely.
It is also important to come to a clear agreement on both your roles and expectation within your organization. There is a wide variety of roles which can be performed by a bookkeeper so it is important for you to clearly set out what exactly are your requirements and expectations.

Once you have agreed on all of this, you will have to provide your bookkeeper with the information that he/she will need in order to get the job done properly. There might be some information which you would rather not share with your bookkeeper, and this is perfectly fine, as long as you make sure that he/she is aware of this.

Moreover, your Law Firms Bookkeeper needs to have a clear understanding of your law firm. Each law firm has different terms, conditions and internal aspects that can only be learned on the job, so it is advised to choose someone who has a certain level of experience in book keeping for law firms. A good level of communication skills is also paramount for a bookkeeper. He/she needs to be there at any time to help you and give you advice on any issue. And if there are some problems understanding certain aspects of your law firm, he/she has to be open to ask for help or explanation.

Hiring an expert bookkeeper for lawyers who you only meet a couple of times a year will never have a clear understanding of what's going on in your law firm. It's essential that you find someone who will make your business a priority and who maintains a great level of interaction with your business. Bookkeeping for law firms requires a great amount of concentration, accuracy, frequent contact and interaction, the need for initiative and the skill to multi-task, since there will often be different duties and responsibilities for the book keepers.

With the wide variety of tasks involved in running a law firm, and bookkeeping being crucial, law firm owners should always consider using bookkeeping services.You can easily contact different service providers and ask them about their specialization and offered services. Also, ask them about the software that they use in book keeping. Generally, companies use software like Quick Books, Peachtree, Quicken, Sage Line 50, MOB, EXACT, IRS, Rent Manager, Net Suite, Lacerate and more. One thing is for sure that Atlanta accountant presents you with well-maintained and flawless financial records in order to help you get a clear view about your business and how you are growing and performing in the market, making it easier for you to decide future strategies and plans.